FBHS closes higher for the 3rd day in a row
Fortune Brands Home & Security Inc. (FBHS) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FBHS finished Thursday at 44.45 gaining $2.04 (4.81%), notably underperforming the S&P 500 (6.24%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (FBHS as at Mar 26, 2020):
Thursday's trading range has been $2.41 (5.6%), that's far below the last trading month's daily average range of $3.71. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for FBHS.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on Tuesday, FBHS gained 5.05% on the following trading day.
After having been unable to move above 44.47 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 44.92.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Fortune Brands. Out of 72 times, FBHS closed higher 54.17% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.11% with an average market move of 0.91%.